As technology continues to shape how we interact, push notifications have emerged as a powerful tool, enabling businesses to seamlessly engage customers, provide timely updates, and enhance their overall journey. It is because effective communication serves as a cornerstone for building lasting connections between businesses and customers.
The push notification market is poised for significant growth, projected to reach approximately USD 31,920 million by 2025. On average, smartphone users receive over 40 push notifications daily, showcasing their ubiquity and impact.
However, navigating the world of push notifications requires careful planning to avoid push notification mistakes.
This blog highlights the critical BFSI push notification mistakes that should be avoided and explore the types of BFSI push notifications to engage your customers.
BFSI Push Notification Mistakes to Avoid
Mistake #1. Lack of Personalization
Over 70% of customers rate personalization is crucial in today’s financial landscape.
Download for Free: FinTech Push Notification Templates that Actually Work!Failing to personalize push notifications means sending generic messages that may not align with a customer’s financial needs or interests. It can lead to decreased engagement and relevance.
For instance, if customers receive offers for loans, they’re not eligible for or investment opportunities that don’t match their risk profile. These notifications might put the users off and make them less likely to use the app or service.
Tip
To understand customer behaviors, preferences, and financial history, implement advanced data analytics. Tailor push notifications to individual customer profiles and needs.
Mistake #2. Flood of Notifications
Overloading BFSI customers with a barrage of notifications lead to poor user experience.
Customers might become overwhelmed and start ignoring or uninstalling your app due to the sheer volume of notifications. This can have consequences, such as missing out on essential transaction alerts, security notifications, or updates related to their accounts.
Tip
Develop a well-defined notification strategy with a balanced frequency. Prioritize essential notifications such as account alerts, promotional messages, important updates, and security alerts.
Mistake #3. Misleading Content
Trust and transparency are paramount in the BFSI sector.
Sending notifications with misleading content, such as false claims about interest rates or inaccurate account balances, can seriously erode customer trust. This could lead to customer complaints, negative word-of-mouth, and even legal repercussions, particularly in an industry where accurate financial information is critical.
Tip
Maintain strict accuracy and transparency in all notifications. Before sending, double-check all information, such as interest rates, payment reminders, loan, and investment offerings.
Mistake #4. Lack of Clear Call to Action
BFSI customers often need clear guidance on what action to take.
Customers might be unsure of how to proceed without a concise and actionable call to action in a push notification. It could result in missed opportunities or confusion. For instance, not specifying the steps for completing a transaction or accessing a new feature could lead to abandoned interactions.
Tip
Craft concise and actionable CTAs that guide users on what steps to take. Ensure CTAs lead to user-friendly and interactive walkthroughs.
Mistake #5. Unsegmented Messaging
Targeted push notifications results in a 39% increase in customer retention.
Sending unsegmented messages to BFSI customers can lead to less relevance and engagement.
Different customers have varying financial needs, preferences, and behaviors. By not segmenting notifications, the BFSI provider might send offers that don’t match the customer’s financial profile, causing them to disengage and potentially miss out on valuable services or offers tailored to their situation.
Tip
- Implement user segmentation based on demographics, transaction history, and preferences.
- Tailor notifications to each segment’s specific needs and interests.
- Utilize geolocation data, demographics, transactional history, and usage patterns to send contextually relevant notifications to the users.
Mistake #6. Lack of A/B Testing
Neglecting A/B testing in your push notification strategy can limit your ability to optimize content and timing effectively.
Without A/B testing, you might miss opportunities to refine your message copy, visuals, or even the time of day you send notifications. It can result in lower conversion rates, decreased engagement, and missed chances to enhance user experience.
Tip
Regularly incorporate A/B testing to experiment with various elements of your notifications. Test variations in message content, visuals, and send times to identify what resonates best with your customers. This practice will assist you in enhancing customer engagement.
Types of BFSI Push Notifications
Account Alerts
These notifications keep customers informed about their financial activities. Whether it’s a significant transaction, a low account balance, a deposit, or a withdrawal, account alerts ensure that customers stay updated about their financial status in real time.
Payment Reminders
This type of notification remind customers of upcoming bill payments or due dates for loan installments, credit card payments, and insurance premiums. These push notifications can prevent late payments and potential penalties.
Fraud Prevention Alerts
These alert notifications inform customers about suspicious activities or potential security breaches on their accounts. Include guidance on how to secure their accounts and report any unauthorized transactions.
Loan and Investment Opportunities
The mentioned notifications inform customers about personalized loan or investment opportunities based on their financial profile, credit history, and risk tolerance. You can update customers about changes in interest rates for loans, savings accounts, or other financial products they are subscribed to.
Financial Tips and Education
These educational notifications share informative content on financial planning, budgeting, investment strategies, or tax-saving tips to empower customers with financial knowledge. Provide customers with relevant updates on stock market trends, currency exchange rates, or other financial news that might impact their investments or financial decisions.
Conclusion
In the BFSI sector, these mistakes can have severe consequences due to the sensitive nature of financial transactions, where even minor mishaps can trigger reputational damage.
A push notification strategy mistake can break customers’ trust in these institutions, undermining their confidence in the organization’s ability to safeguard customers’ interests.
Avoiding these BFSI push notification mistakes is crucial to maintaining positive customer relationships, ensuring compliance with industry regulations, and enhancing the overall customer experience in the BFSI space.
How can we help? Join the Revolution!
At this point, you might be wondering, “These tips sound interesting, but how do I implement them?” That’s where Upshot.ai comes into the picture.
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- Notification Inbox: The Notifications Inbox feature is a game-changer for keeping users informed and engaged. With this functionality, app users can now conveniently access their dedicated notifications inbox directly within the app.
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